Rare Earth Metals Market Report, 2021 Global Share, Key Players, Segmentation Analysis, Business Growth and Forecast to 2027
Rising demand of consumer electronics like laptops, smartphones, loudspeakers, headphones are major drivers for rare earth metals. In addition since the trend is moving towards low carbon emission as a result governments and consumers are increasingly focusing on electrical vehicles. Rare earth metals are extensively used in electric as well as hybrid vehicles batteries owing to which demand of rare earth metals would increase with rising demand for electric and hybrid vehicles. China held the largest market share in 2019 with 2.58 Mn battery electric cars. Furthermore, market is driven by rising demand of LED, glass industry, wind turbine manufactures and ceramic industry where rare earth metals are widely used.
During the Covid-19 pandemic in the early 2020, majority of the countries and region witnessed a country wide lockdown. This has impacted the overall demand for rare earth metals. Countries had imposed shut down of manufacturing facilities to reduce the spread of Covid-19 which led to decline in demand of rare earth metals.
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Global rare earth metals market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Metal, the market is primarily bifurcated into:
• Europ ium
Among all, neodymium significantly captured the market in 2020. Since Neodymium and praseodymium are some of the most sought-after light rare earth elements whose demand propelled with the growth of technology and will continue to increase amid the ongoing race to create a large electric vehicle market.
By Application, the market is mainly segmented into:
• Metal Alloys
• Polishing Agents
In 2020, Magnets held a lucrative market share owing to its increasing demand from consumer durables, electric vehicles, and wind turbines manufacturers.
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Global Rare Earth Metals Market Geographical Segmentation Includes:
• North America (United States, Canada, Rest of North America)
• Europe (Germany, UK, France, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, Rest of APAC)
• Rest of World
Based on the estimation, Asia Pacific held lucrative market share in 2020. Asia Pacific with countries such as China, Japan, India, Australia, Rest of APAC is expected to witness high demand for rare earth metals owing to wide use in industrial applications.
The major players targeting the market includes:
• Lynas Corporation
• Alkane Resources Ltd.
• Arafura Resources Ltd.
• China Minmetals Rare Earth Co Ltd
• Avalon Advanced Materials Inc.
• Iluka Resource Ltd.
• Metall Rare Earth Limited
• Northern Minerals Ltd.
• Canada Rare Earth Corporation
• India Rare Earths Corporation
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analyst sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global rare earth metals market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the global rare earth metals market?
• Which factors are influencing the global rare earth metals market over the forecast period?
• What are the global challenges, threats, and risks in the global rare earth metals market?
• Which factors are propelling and restraining the global rare earth metals market?
• What are the demanding global regions of the global rare earth metals market?
• What will be the market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by the companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature. Please let us know If you have any custom needs.
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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